(Bloomberg) -- Evan Greenberg, the chief executive officer of Chubb Ltd., mocked “wannabes” as smaller insurers who are seeking to expand by guarding commercial clients against trade disruption or political instability in international markets.
“They’re scratching for business, they don’t want to shrink,” Greenberg said of rivals in a conference call Wednesday, without naming individual companies. “They think growth and just the top line equal strength.”
Unsustainable risks?
Greenberg formed one of the world’s largest insurers by combining
his Ace Ltd. this year with Chubb Corp. He joins Warren Buffett,
the CEO of Berkshire Hathaway Inc., in warning that upstarts eager
for business may be taking on unsustainable risks. Both executives
have been willing to lose market share rather than sell insurance
for what they consider to be too low a price.
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